Iron Mountain, Michigan Property Taxes
The median property tax rate in Iron Mountain, MI is 0.98%, slightly below the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Iron Mountain at $143,400, the typical annual property tax bill is $1,405, which is lower than the national median of $2,690. Property taxes in Iron Mountain are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Iron Mountain's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Iron Mountain or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Iron Mountain, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$1,405
Ownwell’s Iron Mountain Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Iron Mountain with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Iron Mountain to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Iron Mountain, Michigan
Property taxes in Iron Mountain, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Iron Mountain is 0.98%, slightly below the U.S. national median of 0.99%. Local government entities within Iron Mountain set these rates annually, and they can vary significantly across different neighborhoods. Each year, Iron Mountain estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Iron Mountain's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 49801 has the highest median property tax rate of 0.98%, while the same zip code also has the lowest median tax rate of 0.98%. Understanding how these cities compare with Iron Mountain provides valuable insights into the varying tax landscape across Iron County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Iron Mountain Tax Rate
0.98%
Average Iron County Tax Rate
0.75%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Iron Mountain, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49801 | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Iron Mountain, Michigan
In Iron Mountain, Michigan, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the local appraisal district for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Iron Mountain, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Iron Mountain helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 49801 has both the highest and lowest median tax bills, each at $1,405, reflecting a uniformity in tax assessments across the area.
Average Iron Mountain Assessed Value
$143,400
Average Iron County Assessed Value
$75,910
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Iron Mountain, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49801 | $143,400 | $143,400 | $143,400 | $143,400 | $143,400 |
Source: Ownwell
Property Tax Bills Across Iron Mountain, Michigan
In Iron Mountain, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is typically a percentage of the market value. For instance, if the median home price is $143,400, the assessed value would be a fraction of this amount. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors influence the final tax bill, including the property's location, any applicable exemptions, and the specific tax rate set by local authorities. In Iron Mountain, the median property tax rate is notably lower than the national median rate of 0.99%. Homeowners in the area can expect a median tax bill of $1,405, which is consistent across various percentiles, indicating a stable tax environment. This relatively low tax burden can make homeownership more affordable and appealing in Iron Mountain compared to other regions with higher property tax rates.
Average Iron Mountain Tax Bill
$1,405
Average Iron County Tax Bill
$661
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Iron Mountain, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49801 | $1,405 | $1,405 | $1,405 | $1,405 | $1,405 |
Source: Ownwell